Weimai Completed $100 Million Financing, Backed By IDG Capital

VCBeat has learned Weimai just completed 100 million dollar financing. This round of financing was led by IDG Capital and followed by Cenova Venture, Matrix Partners China, Vision Capital and Source Code Capital.

Weimai was founded back in 2015, they mainly focus on the online healthcare industry and new technology for online hospitals. Weimai provides users with Internet-based appointment registration, online consultation, file management and drug distribution services. This round of funds will be used to expand cooperation with more hospitals, improve technology and build up a better team.

"Weimai is not a traditional online medical service that transfers doctors to an online platform, but a platform to cooperate with hospitals to provide a new type of medical services. It is not going to devastate the traditional hospital," the founder of Weimai Jialin Qiu said.

Weimai builds medical services on a city-by-city basis, based on localization, o that every doctor has patients who trust him. At present, Weimai is focusing on the service of rural areas and small cities. These small cities in the country add up to more than 150, covering around 500 million people.

As early as 2017, Weimai worked with a number of hospitals to develop innovative services for many diseases. Currently, it provides more than 12,000 SKU services for more than 1,000 diseases and provides patients with full-cycle management services before and after diagnosis.

Today, Weimai has covered 17 provinces across the country, nearly 1,000 cooperative hospitals, over 10 million users, and around 100,000 doctors are providing various medical services on the platform.

Founded in Boston in 1992, IDG Capital is an investment firm that specializes in venture capital, private equity, and mergers & acquisitions. The firm currently manages approximately $20 billion of assets and has offices in fifteen cities around the world.

Cenova Venture is a healthcare-dedicated fund that invests in healthcare services, diagnostics, medical devices, and pharmaceuticals in China.

Matrix Partners China is an investment company that builds long-term relationships with entrepreneurs and helps them build significant companies.

Vision Capital is a Chinese venture capital company that invests in new online companies and medical companies.

Source Code Capital is an emerging venture capital firm in China with over 750M USD and 3B RMB under management.